Interpipe

Interpipe reported 1Q25 net sales of $269m (+8.7% q-o-q), while EBITDA fell 21% q-o-q to $66m, with the EBITDA margin narrowing to 25%. Net income declined by 53% q-o-q to $36m. Pipe sales rose 27% q-o-q to 147 kt, while wheel sales remained flat at 26 kt. Average realized pipe prices dropped 17% q-o-q to $1,551/t, and wheel prices declined 4.4% q-o-q to $2,211/t. Energy and input costs continued to rise overall: average electricity prices were stable q-o-q at $138/MWh (yet +60% y-o-y), while gas prices jumped 16% q-o-q to $412/tcm (+35% y-o-y) and scrap prices rose 11% q-o-q to $217/t.

Interpipe reported 2024 net sales of $1.1bn, up 6.2% y-o-y, with EBITDA down 16% y-o-y to $284m, implying an EBITDA margin of 27% (-7.0pp y-o-y). Net income rose 11% y-o-y to $280m. Segment-wise, pipe EBITDA fell 31% to $103m, rail wheel EBITDA rebounded 46% to $49m, and steel EBITDA declined 14% to $103m. On a pass-through basis (excluding attribution to the steelmaking segment), pipe EBITDA was down 25% y-o-y to $199m, wheel EBITDA rose 17% to $71m, and steel EBITDA dropped 15% to $7.3m.